(Cournot's Model of Duopoly) Joe and Rebecca are small-town ready-mix concrete duopolists. The market demand function is Q = 5500 - 25P, where P is the price of a cubic metre of concrete and Q is the number of cubic metres demanded every year. Marginal cost is $40 per cubic metre. Competition in this market is described by the Cournot model. distri ntial. Pleas list (a) Given Rebecca's output is 2000, what is Joe's residual demand function? What Pleas is Joe's output so he maximizes his profit? ial. Please do distrib (b) If Rebecca's output is q, what is the Joe's best response function? Confi (c) If Joe's output is q, what is Rebecca's best response function? (d) Plot both Joe and Rebecca's best response functions on one graph, where the horizontal axis represents Rebecca's output q and the vertical axis represents Joe's output qu. t distribu den (e) What is the meaning of the interception of the two best response functions